Agenda Item Wording:
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Developer Reimbursement Agreement and Appropriation of Funds - Authorize the City Manager to execute the reimbursement agreement with Visalia Parkway Partners Inc., for Visalia Parkway Phase 2 widening from west of Dans Lane to Woodland Street, in the amount of $3,281,799.52 with modified payment terms; and further authorize the additional appropriation of $1,788,400 from the Transportation Impact Fee Fund.
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Prepared by:
Sarah MacLennan, Assistant Engineer, sarah.maclennan@visalia.city, (559) 713-4271
Adrian Rubalcaba, Sr. Project Manager, adrian.rubalcaba@visalia.city (559) 713-4507
Jason Huckleberry, Director of Eng & Bldg, jason.huckleberry@visalia.city, (559) 713-4495
Department Recommendation:
Staff recommends that City Council:
1. Authorize the City Manager to execute a development reimbursement agreement with Visalia Parkway Partners Inc., for arterial roadway improvements along Visalia Parkway from Dans Lane to Woodland Street in the amount of $3,281,799.52 with modified payment terms consisting of monthly progress payments; and
2. Authorize an additional appropriation of $1,788,400 from the Transportation Impact Fee Fund (241) for FY 25/26.
Summary:
The Visalia Parkway commercial center, a 28.7-acre commercial site located at the southwest corner of Mooney Boulevard and Visalia Parkway, was approved by Planning Commission on April 13, 2020. Per the project conditions of approval, Visalia Parkway (a 4-lane arterial roadway) was required to be widened to its ultimate southerly right of way limits extending from Mooney Boulevard to west of Dans Lane. The widening is to be completed in two phases, with Phase 1 being along the developments parcel frontage, between Mooney Boulevard and Woodland Street, and Phase 2 offsite improvements extending Visalia Parkway widening from Woodland Street to just west of Dans Lane.
Phase 1 is currently under construction and largely complete, and its associated reimbursement agreemen...
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